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GMD - Stable earnings from ports operations - Earnings Flash

GMD’s headline H1 2018 results were distorted by various divestments during the half. Revenue was down 31% YoY to VND1.3tn (USD56.5mn) while NPAT-MI surged 6.8x YoY to VND1.5tn (USD65.2mn). Excluding the impact of its divestments, GMD’s H1 2018 ports segment revenue was up 26% to VND1tn (USD43.5mn) and core NPBT was stable, up 4.3% YoY to VND272bn (USD11.8mn). GMD is on track to meet its 2018 guidance, with its H1 2018 results meeting 53% and 48% of revenue and core NPBT guidance, respectively.